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Participants in the US hybrid capital market gained hope yesterday (Thursday) that the National Association of Insurance Commissioners might reconsider its contentious decision to re-rate certain securities as common equity.

Participants in the US hybrid capital market gained hope yesterday (Thursday) that the National Association of Insurance Commissioners might reconsider its contentious decision to re-rate certain securities as common equity.

Participants in the US hybrid capital market gained hope yesterday (Thursday) that the National Association of Insurance Commissioners might reconsider its contentious decision to re-rate certain securities as common equity.

The Netherlands has once again proven the effectiveness of its Dutch Direct Auction system. Its new 10 year benchmark garnered bids of around Eu12bn, enabling the Dutch State Treasury Agency (DSTA) to allocate Eu5.1bn of bonds at a spread of 2bp over the July 2016 Bund, the tightest spread the country has ever achieved against Germany.

Never let it be said that their friends didn't rally round. However, the Financial Times told us in sunny Bad Ragaz that the NatWest trio of bankers, led by Gary Mulgrew, are on their way to Houston to face the Enron music in court. For anyone in Europe, Enron is water under the bridge. Ken Lay, the former chairman, died of a heart attack, but prosecuting Mr Lay was always a secondary consideration.

A flurry of swap-driven bond issues, launched before the summer lull takes hold, narrowed dollar swap spreads this week.

Royal Bank of Scotland issued an interesting self-led dual range accrual Eu200m five year bullet bond this week. "It's really unusual," one banker said. "There have been many dollar dual range accrual deals which reference the 10 year and two year CMS rate, and dollar Euribor for example, but very seldom euro deals."

Arsenal Football Club this week raised £260m to refinance the construction cost of its soon to be completed Emirates Stadium — breathing fresh life into football securitisation.

While Goldman Sachs has been hogging most of the limelight, not always for the right reasons, had you noticed that JP Morgan Chase and Morgan Stanley have almost disappeared from view? No one is especially interested in JP Morgan Chase, which plods along in an earnest way, but Morgan Stanley is always fascinating for gossip columnists and the global media.

Dealers told EuroWeek that HSH Nordbank's first structured investment vehicle (SIV), Carrera Capital Finance, issued its first EuroCP on Wednesday. The paper was received favourably by investors.

Credit default swap indices sold off sharply this week amid concern about the political situation in the Middle East.